I read the book 25 or 30 years ago, but the series is absolutely gorgeous, and it has a sweetness and a bit of hope underneath all the generational trauma. Florence Pugh will probably win an Emmy, and deservedly so, but Hoon Lee is absolutely the heart of it and does amazing work.
Plot-wise, it covers much more than the old James Dean movie, but still a good bit less than the entirety of the novel, but it feels expansive without being so ambitious you get lost in it. I don't think you need to read the book first.